Oconomowoc-based First Bank Financial Centre is changing its name to “Bank Five Nine” and has plans to open a loan production office in Milwaukee.
The bank says its rebranding effort is not the result of a merger or acquisition but rather a strategic decision to raise its profile within the market place.
“In an industry that is getting more competitive, the ability to differentiate ourselves is critical,” FBFC president and chief executive officer Mark Mohr said in a statement. “It is imperative that customers and prospects alike are able to correctly identify us and our mission as a local, community bank.”
The bank also noted how many banks in the state contain the world “First” in their name, which is a total of 22 or 10 percent of all banks in Wisconsin. FBFC said it chose the new name based on the fact that it was founded in 1859, according to a press release.
Despite the rebranding effort, the bank’s board, executive team, employees and locations will remain in place.
However, FBFC does have plans to open a loan production office at 6525 W. Bluemound Road in Milwaukee, according to Wisconsin Department of Financial Institutions records.
“What this does is help support what we’ve already been doing in Milwaukee the last several years,” said Jeff McCarthy, FBFC vice president of marketing. “And that’s trying to grow our presence in Milwaukee including mortgage lending.”
The new loan production office, slated to open mid-April, would be the bank’s 21st location in Wisconsin and its third location in Milwaukee.
As of 2018, FBFC had $1.2 billion in assets and $89 million in capital with an overall loan production of $590 million.